Cogent Biosciences Scores Analyst Praise As Mastocytosis Drug Hits Trial Goals; Retail Buzz Surges

Retail chatter around Cogent Biosciences surged on Tuesday as multiple firms raised their price targets following strong results from the Phase 3 Summit trial of bezuclastinib in non-advanced systemic mastocytosis (NonAdvSM).

The Summit Part 2 trial met its primary endpoint with a statistically significant placebo-adjusted improvement of 8.91 points in total symptom score (TSS) at 24 weeks. 

Patients treated with bezuclastinib saw a mean TSS reduction of 24.3 points, compared to 15.4 points for placebo. 

The drug also met all key secondary endpoints, including reductions in serum tryptase, with 87.4% of treated patients achieving at least a 50% drop versus none in the control group. 

Most adverse events were low-grade. Discontinuations due to side effects occurred in 5.9% of patients, all of whom recovered.

H.C. Wainwright raised its price target to $22 from $12 and maintained a 'Buy' rating, raising its approval probability estimate to 95% from 60%, calling bezuclastinib a potential new standard of care. 

Jefferies lifted its target to $28 from $23 with a 'Buy' rating, citing a “home run” outcome and a $1 billion market opportunity in ISM alone.

Leerink increased its target to $18 from $16 and reiterated an 'Outperform' rating, noting the safety profile exceeded expectations and pointing to strong positioning ahead of the Peak and Apex trial readouts due later in 2025. 

Baird took a more conservative view, raising its target to $9 from $7 while maintaining a 'Neutral' rating, stating that the results were better than the worst-case scenario but fell short of the best.

Cogent remains on track to submit a new drug application (NDA) for bezuclastinib by year-end 2025 and will present detailed Summit findings at a medical conference later this year.

Separately, Cogent announced a proposed public offering of $150 million in common stock. 

The company said proceeds will support continued development, regulatory and commercial preparation for bezuclastinib and other pipeline candidates, as well as general corporate purposes. 

On Stocktwits, retail sentiment for Cogent was ‘extremely bullish’ amid ‘extremely high’ message volume.

Cogent’s stock has risen 25.4% so far in 2025.

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